The Bangladesh Bank on Thursday instructed banks to allow individuals seeking employment abroad to send necessary amount of money to their bank accounts in the countries they plan to move to.
The BB issued a circular in this regard on the day.
The purpose of this directive is to ease financial preparations for those intending to work or immigrate to foreign countries.
The directive expected to assist skilled professionals and individuals seeking employment abroad with the maintenance of foreign bank accounts and remittances before obtaining visas.聽
However, certain conditions must be met to ensure the process remains compliant and transparent.
Authorised dealers or ADs are required to collect documentary evidence proving the necessity for the applicants to maintain a foreign bank account and remit funds.
The amount transferred must not exceed the limit specified by the official documents from the destination country鈥檚 authorities.
Additionally, the accounts are to remain inactive until the applicants physically relocate abroad, preventing any premature use of the funds.
In the event of a visa rejection, ADs must ensure the funds are returned to Bangladesh and they are required to obtain a written undertaking from the applicants to this effect before any transfers take place.
The directive also clarifies that this facility is available exclusively for those pursuing professional or skilled employment, excluding immigration categories based on investments.
ADs must report all related transactions to the Bangladesh Bank, while also adhering to existing tax regulations.
